Late Tuesday night, The House of Representatives passed the Senate tax bill averting the doomsday scenario represented by the "Fiscal Cliff". Mainly, it encompassed tax reform for individuals making over $400K as well as extended tax cuts for many of the middle class while maintaining many middle-class deductions and credits such as the $1,000 tax credit for children. Unemployment compensation continues for another year and the Estate tax thresholds remain relatively untouched. And, it left the issue of sequestration for another day to be settled. Signed and passed by both houses of Congress in the last hours, this bill resembles a term paper written by a the student the night before it was due; it lacks creativity, imagination, and integrity. Here's my proposal:Here are the similarities:

Unfortunately, Sequestration as well as tax reform are two topics too large to tackle in a Congress comprised of spoiled children who have yet to learn how to compromise. So I would table sequestration for another day and time as well. Maintain the tax reforms for those making over $400k.

Here's the difference:

Lower the estate tax threshold to $2.5 Million, effectively splitting the difference between the status quo of $5M and the Fiscal Cliff threat of $1M.

Maintain child tax credits and deductions as they stand now.

Unemployment? Extend it one more year as this legislation suggests, but cut benefits in half for those entering the last year of benefit continuation. This way we are not cutting these poor souls loose, but we're sending a clear message that temporary government help is just that: temporary.

Offer a $1000 tax credit to any business that hires someone who was on unemployment longer than three years.

The payroll tax holiday that expires raising FICA taxes back up 6.2% (a 2% increase) should be a weaned over time. Many Americans still count on that extra income. So just like the unemployment benefits, we ween the American people off of this tax cut by 1% per year.

This plan is simply a shortlist of the big-ticket items associated with this bill, but my plan gains revenue while cutting spending. It may only be marginal, but its a greater cut in spending and rise in taxes than what we were given now. Congress needs to broaden their horizons and understand that we can reach a compromise that is palatable, sustainable, and achievable.